Are you considering to study in Canada and wonder how to manage your finances while pursuing your dreams? Look no further than a Guaranteed Investment Certificate, commonly known as a GIC. This financial tool can be your key to a smoother and more secure study experience in the Great White North (Canada).
Understanding the GIC: A Financial Safety Net
A GIC, or Guaranteed Investment Certificate, is a financial product Canadian banks and financial institutions offer. It’s designed to provide international students with a guaranteed source of funds to cover living expenses during their time studying in Canada. This ensures your financial stability and meets one of the requirements for obtaining a study permit, the Canadian student visa.
How Does a GIC Work?
When you decide to open a GIC, you’ll typically deposit a certain amount of money into the account. This amount is then locked in for a specific period, often ranging from 1 to 12 months, depending on the terms offered by the financial institution. During this time, the deposited funds earn a fixed interest rate, which is usually higher than standard savings accounts.
The unique aspect of a GIC for international students is that the deposited funds are disbursed to you in instalments throughout your study period. This regular influx of money ensures that you have a reliable source to cover expenses like rent, groceries, transportation, and other necessities.
As advised by Canadian Immigration guidelines, the recommended minimum GIC amount for obtaining a Canada Student Visa is (CAD 10,000 + CAD 200 processing fees), a total of CAD 10,200.
The Benefits of a GIC for Studying in Canada
Proof of Financial Support: When applying for a study permit, you need to demonstrate that you have sufficient funds to support yourself during your time in Canada. GIC serves as concrete proof of your financial capability, making the visa application process smoother.
Financial Security: Studying abroad can come with unexpected expenses. GIC acts as a safety net, ensuring that you have a steady source of funds to rely on, reducing stress and uncertainties.
Simplified Banking: Many Canadian educational institutions have partnerships with banks, streamlining the GIC process for students. This collaboration can simplify the financial transition and offer added conveniences like setting up a bank account before arriving in Canada.
Building Financial Habits: Managing a GIC encourages responsible financial habits. As you budget your monthly expenses, you’ll develop valuable skills during your studies and beyond.
Support for Cultural Adaptation: Handling your finances through a GIC exposes you to Canadian banking systems and helps you understand how financial transactions work in the country.
Potential for Additional Benefits: Some GIC programs offer added perks such as preferential exchange rates, free or discounted banking services, and access to financial advice.
Designated GIC Bank in India
Opting for a GIC is not a process that’s open to all banks. It’s wise to adhere to the roster of banks sanctioned to provide GIC services for Canada. These accredited banks encompass:
• Scotiabank
• CIBC (Canadian Imperial Bank of Commerce)
• ICICI Canada
• SBI Canada
Conclusion
A GIC is more than just a financial tool – it’s a pathway to realizing your dreams of studying in Canada with peace of mind.
By providing proof of financial support, ensuring regular funds for your living expenses, and offering various other advantages, a GIC can be your dependable partner as you embark on your educational journey in this welcoming and diverse country.
Remember, proper financial planning is key to a successful study experience, and a GIC is a smart step in the right direction.
For any other queries feel free to contact us at Focus Education Global Pvt. Ltd.
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